Preheat the oven to 350°F. Line a cookie sheet with parchment paper and set aside.
In a large bowl, cream together the butter and oil. Mix in the egg, applesauce, banana and vanilla until fully combined.
In a separate bowl, mix together the flour, baking soda, cinnamon, nutmeg and salt.
Slowly mix the dry ingredients into the wet ingredients until just combined. Fold in the cheerios and raisins.
Using a medium cookie scoop, scoop the cookies onto the prepared cookie sheet and bake in the preheated oven for 10-12 minutes. Allow to cool on the cookie sheet for around 5 minutes before transferring to wire racks to cool completely.